Current Ratings

Lufthansa currently has an "investment grade" rating from the rating agencies Standard & Poor’s (BBB), Moody's (Baa3) and Scope Ratings (BBB).

Lufthansa's Credit Ratings

Standard & Poor’s

Moody’s Investors Service

Scope Ratings

April 2019*August 2019*September 2019*

Long-term: BBB
Short-term: A-2
Outlook: Stable

Long-term: Baa3
Short-term: N/A
Outlook: Stable

Long-term: BBB
Short-term: S-2
Outlook: Stable




One of the leading global network carriers with an excellent competitive position and one of the largest route network world-wide; strong market position at hubs in Frankfurt, Munich, Zurich and Vienna

One of the largest airlines in the world and a leading position in the European airline sector with a strong diversified route network

Global network coverage, diversified route network, member of the global airline alliance Star Alliance and a high share of business travellers with a strong market position at hubs in Frankfurt, Munich, Zurich and Vienna

Balanced exposure to high-yielding, premium and long-haul traffic across its route portfolio; leading domestic market position in Germany; regional brands are well established

Robust business profile with diversified business segments reduces its exposure to volatility in passenger and cargo business

Leading position in home market of Germany; competitive advantage in premium market for long-haul traffic

Besides the passenger airline business well diversified business profile with leading market positions in maintenance, repair and overhaul (MRO) services as well as airline catering adds stability to Lufthansa Group earnings

Diversity of business segments; maintenance, repair and overhaul (MRO) and airline catering business segments deliver stable profit contribution

Diversified operations (maintenance, repair and overhaul (MRO) and airline catering) with strong market positions mitigating cyclicality risks in passenger and cargo traffic

Strong liquidity position

Good liquidity position; conservative financial strategy

Solid liquidity position




Cost position as a competitive disadvantage

Profitability of the Airline Group depends on external factors including fuel prices and economic development in Europe

Cyclicality of the airline industry; Lufthansa Group’s profitability below its peers

High capital intense business model

Restructuring and turnaround plan for Eurowings is likely to take time

Cost advantages could erode by competitive pressure

* Latest report